Medical Grade Silicone Market Analysis By Product Form (Gels, Medical Adhesives, Medical Coatings, Liquid Silicone Rubbers) and By Application
According to Fact.MR, a market research and competitive intelligence provider, the medical grade silicone market is expected to grow at a CAGR of 5.8% during the forecast period from 2023-2033 the global medical grade silicone market is expected to reach a valuation of US$ 2.0 billion in 2023 and is expected to reach US$ 3.5 billion by the end of 2033.
Medical-grade silicone is widely used in the manufacturing of various medical devices, including catheters, respiratory masks, wound care products, and prosthetics. Silicone is a preferred material in the healthcare industry due to its biocompatibility, durability, and flexibility making it an ideal material for these applications, leading to a rise in its adoption.
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With an aging population, the prevalence of chronic diseases and the need for surgical interventions are increasing. Medical-grade silicone is extensively used in surgical implants, such as breast implants and joint replacements, due to its durability, compatibility with body tissues, and low risk of rejection. As the elderly population continues to expand, the demand for such medical devices is expected to rise, thereby driving the market for medical-grade silicone.
Key Takeaways from Market Study
“The Role of Medical-Grade Silicone in Wound Care and Respiratory Products to Drive Demand Growth” says a Fact.MR analyst.
Market Players’ Key Strategies
Prominent players in the medical-grade silicone industry are leveraging strategies such as research and development (R&D) and production capacity expansion to drive the market growth globally. They have adopted inorganic strategies such as collaboration, mergers & acquisitions to increase their production capacity and have a presence in the untapped markets. These strategies are crucial for companies to maintain a competitive edge, meet evolving customer demands, and capitalize on emerging opportunities.
Key Pioneers
Industry Research
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Jun 29, 2023